Blockchains and Smart Contracts for the Internet of Things
TLDR
The conclusion is that the blockchain-IoT combination is powerful and can cause significant transformations across several industries, paving the way for new business models and novel, distributed applications.Abstract:
Motivated by the recent explosion of interest around blockchains, we examine whether they make a good fit for the Internet of Things (IoT) sector. Blockchains allow us to have a distributed peer-to-peer network where non-trusting members can interact with each other without a trusted intermediary, in a verifiable manner. We review how this mechanism works and also look into smart contracts—scripts that reside on the blockchain that allow for the automation of multi-step processes. We then move into the IoT domain, and describe how a blockchain-IoT combination: 1) facilitates the sharing of services and resources leading to the creation of a marketplace of services between devices and 2) allows us to automate in a cryptographically verifiable manner several existing, time-consuming workflows. We also point out certain issues that should be considered before the deployment of a blockchain network in an IoT setting: from transactional privacy to the expected value of the digitized assets traded on the network. Wherever applicable, we identify solutions and workarounds. Our conclusion is that the blockchain-IoT combination is powerful and can cause significant transformations across several industries, paving the way for new business models and novel, distributed applications.read more
Citations
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Patent
Blockchain implemented method and system
TL;DR: In this article, the authors proposed a method for performing an exchange via a blockchain, comprising the step of submitting a funding transaction to the blockchain network, wherein the funding transaction i) comprises a tokenised contract relating to an asset to be transferred from a second user to a first user; and ii) is signed by the first user.
Journal ArticleDOI
A Supply-chain System Framework Based on Internet of Things Using Blockchain Technology
TL;DR: Wang et al. as discussed by the authors proposed a new IoT management framework that embraces blockchain technology to help companies to form a supply chain effectively, which consists of an access control system, a backup peer mechanism and an internal data isolation and transmission approach.
Journal ArticleDOI
ICS-BlockOpS: Blockchain for operational data security in industrial control system
TL;DR: A novel architecture, named ICS-BlockOpS, is proposed to secure plant operational data recorded in the Historian to enhance data security along two dimensions: immutability and redundancy.
Peer Review
Blockchain Technology on Smart Grid, Energy Trading, and Big Data: Security Issues, Challenges, and Recommendations
Mohammad Kamrul Hasan,Ali Alkhalifah,Shayla Islam,N. B. M. Babiker,A K M Ahasan Habib,Azana Hafizah Mohd Aman +5 more
TL;DR: This study will present a rigorous review of blockchain implementations with the cyber security perception and energy data protections in smart grids, identifying a variety of recent blockchain-based research works published in various literature and discussing security concerns on smart grid systems.
Journal ArticleDOI
The moderating effect of managerial discretion on blockchain technology and the firms’ innovation quality: Evidence from Chinese manufacturing firms
TL;DR: Wang et al. as discussed by the authors analyzed the impact of blockchain technology on innovation quality and found that managers with higher managerial discretion are more likely to leverage blockchain technology to facilitate innovation. And they also divided managerial discretion into environmental discretion, organizational discretion, and additional discretion in the Chinese context, analyzing their moderating effects on the relationship between blockchain technology and innovation quality respectively.
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